News and Insights
Market Access in China
Many pharmaceutical manufacturers consider China as one of the most important strategic markets for future growth. It’s the second largest market in the world after the United States. More importantly, China currently accounts for less than 3% of global revenue for most major pharmaceutical companies, leaving significant opportunity for expansion and growth.1 China is more willing to support biomedical research than other countries, and its healthcare system is characterized by expanding coverage and access, as well as a higher prevalence of chronic disease. China’s emergence as a significant commercial market coincides with changes in the global landscape that are forcing manufacturers to re-evaluate their overall business model.
Manufacturers, however, have struggled to realize this market’s true potential to date, because China’s market is highly complex and fragmented. Multiple, conflicting regulations concerning market approval requirements, market access/drug procurement, and pricing have undermined the growth opportunity China presents.Read More
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